To be successful as an owner of a rental home, solid long-term planning is required. Single-family Dr. Phillips rental homes are an excellent investment but must be carefully managed to stay profitable and keep property values high. The two key aspects of this careful management are keeping rental rates competitive and keeping long-term tenants happy.
Regular improvements are one way for property owners to keep their rents competitive and the satisfaction of their tenants high. But not all improvements will yield the best ROI. When property owners know which upgrades give the highest value increase for the cost, they will be able to plan better for long-term success.
Bear in mind, the upgrades that cost the most aren’t necessarily the upgrades that give the highest returns. According to Realtor.com, inexpensive fixes and repairs are usually the best places to start. Upgrades that enhance the curb appeal of property tend to result in higher property values than upgrades on the home’s interior.
For instance, replacing a garage door offers an instant and substantial boost in curb appeal. A quality garage door can turn an aging exterior into an updated one instantly. On top of that, it will have little to no break downs or experience any problems for many years. For tenants that use their garage door daily, this would be a reassurance that the property owner cares about the home. It would show that they care about both the appearance and function and, perhaps most importantly, that they think about their tenant’s quality of life.
Kitchen remodels, big or small, is also one of the first things in the list of recommended upgrades. A fine kitchen is one of the major reasons tenants decide on one rental home over another. A lot of people choose to use the kitchen as a place to get together with friends and family, spending a great deal of time there. A kitchen upgrade doesn’t require all furniture and appliances to be updated. Just replacing appliances as they start to break down or resurfacing cabinets can already do a so much to keep the kitchen up-to-date and tenants happy.
Clean and updated bathrooms are another thing that gives measurable results. And there is no requirement for expensive fixtures or features. Even a simplistic bathroom will add a lot of value and help with the longterm tenant retention of a rental home. Missing tiles, failing grout or caulk lines, and outdated cabinets need to be filled in or fixed so that things look fresh and modern.
Being knowledgable about which upgrades bring the highest return for the cost is a crucial element of keeping a rental home competitive, rental rates high, and tenants happy. More importantly, a strategic plan that includes regular property improvements is the best road to success.
At Real Property Management South Orlando, we provide thorough property evaluations that can be used by property owners in planning, and make upgrades an easy part of property management. We also conduct market assessments for each Dr. Phillips rental home and provide custom recommendations. By these services, we help keep every property competitive and renting for the highest amount possible. To know more, please contact us online or give us a ring at 407-982-2000.
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